Most residents can expect a fair to partly cloudy day
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“The central bank has sold from its own portfolio the equivalent of $5 billion this year. During the month of September alone we sold $1.1 billion,” he told reporters on the sidelines of an Arab central bankers’ meeting in Abu Dhabi.
“These are Republic of Lebanon Eurobonds that the central bank was carrying in its portfolio. We liquidated that to improve the quality of our balance sheet in terms of improving liquidity in foreign currency.”
The yield on Lebanon’s $650 million bond maturing in 2019 is up 52 basis points since late May to 6.27 per cent, outperforming the bonds of many emerging market economies. Lebanese commercial banks are often keen buyers of Lebanese government debt offered in the secondary market. Lebanon’s economy has suffered over the past two years as the civil war in neighbouring Syria has caused capital inflows to dry up, although the total size of its foreign reserves has held up and there does not appear to have been heavy pressure on its currency peg to the US dollar. On Lebanon’s foreign exchange reserves, Salameh said: “We are running over $36 billion of liquid foreign assets. Gold is evaluated around $16 billion....We have improved from last year in terms of liquidity.”
Salameh said: “Total deposits in the banking sector have grown by eight per cent - it is essentially driven by a non-resident increase in deposits.
“Last year, we ended up with a seven per cent growth,” he added.
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